Bitcoin Price Weekly Analysis: BTC/USD Testing Crucial Resistance

Key PointsBitcoin price stayed above the $8,000 support level and recovered against the US Dollar.There is a monster bearish trend line forming with resistance at $8,300 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).The pair has to move above the trend line and settle above $8,300-8,400 for more gains in the near term.Bitcoin price is currently testing a major resistance near $8,400 against the US Dollar. BTC/USD could accelerate higher once there is a proper close above $8,400.Bitcoin Price Upside BarrierThis past week, there were further downsides from well above $8,500 in bitcoin price against the US Dollar. The price moved down and broke the $8,200 support level.

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